arXiv:2606.29734v1 Announce Type: new Abstract: Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight. Financial economists have studied quantitative surprise for 50 years; natural language p
Source: arXiv cs.CL — read the full report at the original publisher.